Multivariate Filter Estimation of Potential Output for the United States An Extension with Labor Market Hysteresis is popular PDF and ePub book, written by Ali Alichi in 2019-02-19, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Multivariate Filter Estimation of Potential Output for the United States An Extension with Labor Market Hysteresis can be Read Online from any device for your convenience.
Multivariate Filter Estimation of Potential Output for the United States An Extension with Labor Market Hysteresis Book PDF Summary
This paper extends the multivariate filter approach of estimating potential output developed by Alichi and others (2018) to incorporate labor market hysteresis. This extension captures the idea that long and deep recessions (expansions) cause persistent damage (improvement) to the labor market, thereby reducing (increasing) potential output. Applying the model to U.S. data results in significantly smaller estimates of output gaps, and higher estimates of the NAIRU, after the global financial crisis, compared to estimates without hysteresis. The smaller output gaps partly explain the absence of persistent deflation despite the slow recovery during 2010-2017. Going forward, if strong growth performance continues well beyond 2018, hysteresis is expected to result in a structural improvement in growth and employment.
Detail Book of Multivariate Filter Estimation of Potential Output for the United States An Extension with Labor Market Hysteresis PDF
- Author : Ali Alichi
- Release : 19 February 2019
- Publisher : International Monetary Fund
- ISBN : 9781498301329
- Genre : Business & Economics
- Total Page : 35 pages
- Language : English
- PDF File Size : 21,9 Mb
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